Teekay, Samsung Opt for Hydroniq Coolers
Norwegian supplier Hydroniq Coolers has won contracts from Samsung Heavy Industries Co. Ltd. (SHI) to deliver the cooling system for the engines of the six LNG-fuelled shuttle tankers the shipbuilder is constructing for Teekay Offshore.As per the contracts, Hydroniq Coolers – formerly named Sperre Coolers – will deliver its Hydroniq Rack seawater cooling solution that is integrated in the hull below the main engine room of the vessels. Marine cooling systems are utilised to reduce…
FLNG Market Grows a CAGR of +93%
Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions…
World's Largest Shipbuilders in $2 Bln Mega-merger
Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…
NYK Line Signs TC for Two LNG Carriers with Total
Japanese shipping giant NYK has signed a long-term contract with a unit of French energy giant Total to charter two liquefied natural gas (LNG) carriers.According to the contract, Total Gas & Power Chartering Ltd (TGPCL) will charter from NYK two newly built liquefied natural gas (LNG) carriers that will be built by Samsung Heavy Industries Co. Ltd. in Korea and scheduled for delivery in 2021.The two LNG carriers will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…
SHI Receives AiP Smart Ship Solution
Lloyd’s Register (LR) presented Samsung Heavy Industries Co., Ltd. (SHI) with approval in principle (AiP) for its smart ship solution: INTELLIMAN SHIP. The solution is the first to receive LR’s ‘Digital AL2 SAFE PERFORM SECURE’ notation, confirming compliance with LR’s new Digital Ships requirements.SHI has been focusing its efforts on developing a smart ship solution to promote safe operation and optimization with a cyber security governance system to mitigate the risk of introducing vulnerabilities to cyber-attack…
NYK Signs LNG Charter Deal with Total
NYK Line has signed a contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier for seven years, with an optional extension period of one year. The new vessel will be built by Samsung Heavy Industries Co. Ltd. in Korea and is due to be delivered in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…
Government Okays USD 1.2 bln for Korea Ocean Business Corporation
The government of South Korea decided to invest 1.35 trillion won (USD 1.2 billion) in Korea Ocean Business Corporation (KOBC). The compnay was created in order to help its shipping industry stand on its feet, especially after the bankruptcy of Hanjin Shipping.Yonhap reported quoting the finance ministry that Cabinet approved a plan to contribute 12.7-percent stakes in each of the country's four port authorities to the KOBC.Earlier this month, the corporation was officially launched in Busan…
Hyundai Merchant Marine Signs LoI for 20 Vessels
South Korea's Hyundai Merchant Marine (HMM) has selected country’s three major shipbuilder and signed letters of intent (LOIs) with them to build 20 container carriers by mid-2021, reported Yonhap. According to company sources, as quoted by Reuters, the South Korea’s largest shipper believes that through the acquisition of the most technologically advanced mega container ships, it can strengthen cost competitiveness and react rapidly to the international environmental regulations.
Mitsui LNG Carrier Named Marvel Falcon
On March 29, a naming ceremony was held at Geoje Shipyard of Samsung Heavy Industries Co., Ltd. in Korea, for new liquefied natural gas (LNG) carrier that NYK has concluded a long time-charter contract with Mitsui & Co. Ltd. At the ceremony, the ship was named “Marvel Falcon” by Mr. Tatsuo Yasunaga, president and chief executive officer of Mitsui & Co., Ltd. and the ceremonial rope holding the vessel in place was cut by Mr. Yasunaga’s wife. From NYK, Hitoshi Nagasawa, Representative Director, Senior Managing Corporate Officer attended.
Samsung Heavy: New Share Issuance Worth $1.31 Bln
South Korea's Samsung Heavy Industries Co Ltd said on Tuesday the expected value of its planned new share issuance has been cut to 1.41 trillion won ($1.31 billion) from a previously-announced 1.56 trillion won. The shipbuilder said in a regulatory filing that the value of the issuance had been changed with newly issued shares to be assigned at 5,870 won per share, instead of the originally planned 6,510 won per share. Samsung Heavy shares have fallen about 35 percent since the plan to issue new shares were announced in early December. ($1 = 1,073.8500 won) (Reporting by Joyce Lee Editing by Stephen Coates)
Samsung Heavy Sells Drilling Rig for $500 Mln
South Korea's Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company. The world's third-largest shipbuilder by orderbook said Sweden's Stena, which originally ordered the drilling rig, had cancelled the order last year. Last week, Samsung Heavy agreed to sell the rig to a European third party, resolving the risk of non-payment, the firm said in a regulatory filing. (Reporting by Joyce Lee; Editing by Sherry Jacob-Phillips)
Samsung Heavy to Issue New Shares
South Korea's Samsung Heavy Industries Co Ltd plans to issue new shares worth 1.56 trillion won ($1.47 billion), the company said on Friday. The world's third-largest shipbuilder by orderbook also said in a regulatory filing it planned to increase its short-term loans by 750 billion won. Friday's fundraising decisions were first announced in December, in order to pay debt and cut the risk of tighter credit conditions due to its weak earnings prospects. Reporting by Joyce Lee
Teekay Orders Additional Shuttle Tanker Duo
Teekay Offshore Partners L.P. has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two Suezmax DP2 shuttle tanker newbuilds for a total fully-built-up cost of approximately $265 million. Upon delivery in 2020, the vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea. “This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. According to Teekay, the newbuilds will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates technologies to increase fuel efficiency and reduce emissions…
Smart Ships: Inmarsat, Samsung Heavy Industries Partner
Satellite communications services provider Inmarsat said it has signed a Memorandum of Understanding (MoU) with shipbuilder Samsung Heavy Industries (SHI), establishing a relationship to leverage the ‘smart ship’ connectivity offered by Fleet Xpress at the vessel construction stage. The agreement envisages the South Korean yard installing Inmarsat-approved terminal hardware and offering applications to cover remote machinery diagnostics and CCTV services, to leverage the satellite communications platform’s capabilities from the moment the ship is delivered.
Korean Shipyards Still in Rough Sea
South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources. The report said that for decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. The top three shipyards in the country - Hyundai Heavy Industries Co (HHI), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co.
Korean Shipyards Look Bullish
South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources. Another report said that Korean yards have clinched the most new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier. The trend appears bullish for ship building in the country.
Daewoo Shipbuilding unlocks $2.6 bln Bailout
Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent.
Höegh LNG Orders 4 FSRU from Samsung Heavy
South Korea's Samsung Heavy Industries Co has won one firm Shipbuilding Contract (SBC) and an agreement for three optional floating storage and regasification units (FSRUs) from Hoegh LNG Holdings. Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing. Samsung has an option to build three more FSRU units, it said. Höegh LNG's President and Chief Executive Officer Sveinung J. S. Støhle said in a comment: "We are very pleased to have completed this agreement with SHI…
Samsung Heavy Mulls $6 Bln Orders This Year
South Korean major shipbuilder Samsung Heavy Industries Co is aiming to clinch orders worth more than US$6 billion this year, South Korea's Yonhap news agency reported the company's head as saying. Park Dae-young, president and CEO of the shipbuilder, also said that this year will be a crucial point for his company's survival at a time when local shipbuilders are suffering from an industry-wide slump and economic slowdown. Park said that his company raised this year's target for new orders, compared with US$5.3 billion set for last year.
Hyundai Heavy to be Split into 4 Firms
Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness, the shipbuilder said on Tuesday. South Korean shipbuilders have been selling non-core assets and slashing jobs to cope with shrinking orders from the oil industry that forced the firms into heavy losses last year. South Korea is home to the world's three largest shipbuilders - Hyundai Heavy, Daewoo Shipbuilding & Marine and Samsung Heavy Industries Co Ltd. Under the plan, Hyundai Heavy will be divided into four companies.
Nordic American Tankers Expands Fleet to 33 Vessels
Armed with $120m from the placement, Nordic American Tankers (NAT) has contracted to increase its fleet from 30 to 33 vessels, enhancing its potential for both higher earnings and dividends. The Company will have a fleet of 30 trading vessels in early 2017. By way of comparison, in the autumn of 2004, the Company had three vessels. NAT is focused on maintaining top technical quality of the fleet. Our operational performance remains at the forefront of the industry. 3Q2016 inspections had an average of 2.4 observations which we consider an excellent result.
NAT Orders Three Suezmax Tankers
Nordic American Tankers Limited (NAT) said it has entered into agreements with Korean shipyard Samsung Heavy Industries Co., Ltd. for the construction of three Suezmax tankers of about 157,000 deadweight tons each to be delivered during the second half of 2018. “This is another large step forward for Nordic American,” said Herbjørn Hansson, the Chairman & CEO of the Company. “By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT. The stock issue of about $120m that we completed September 30, will part finance this transaction.
KOGAS to Support Korean Shipyards
In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap. KOGAS will advance the schedule of placing orders for two new LNG carriers to the first half of next year and assign sizable maintenance work for its large LNG carriers to local shipyards, said its president Lee Seung-hoon. The construction of a LNG carrier with a capacity of 3,500 tons normally costs a 150 billion won (US$134 million).